Input Tax Credit
Query (Issue) Started By: – Mitul Patel Dated:- 29-6-2017 Last Reply Date:- 1-7-2017 Goods and Services Tax – GST
Got 1 Reply
GST
I am a Trading concern who is a distributor of a reputed Italian Door and Window Hardware Manufacturer. The company has an India Office in Mumbai with a stock warehouse. They Import the hardware and bill it on CST 2% to my company and I maintain a stock at my warehouse. They pay the standard Customs + CVD + SAD on the imports but include everything in the final basic price invoiced to me. Only the CST is shown as a seperate tax in the invoice.
\nI will have a stock of around 50 lacs of this hardware on 1st of July. My question is very simple… will I get any ITC on this stock?? If y<\/p>\n
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For full text:-Visit the Source <\/a><\/p>\n
\n The Credit is not admissible in the GST Law
\n All returns for 6 months have not been duly filed under the VAT law
\n Credit attributable to claims related to sales under Form C, F, E1, E2, H etc. not to be
\nallowed unless the forms are duly made available
\nReturn filed under VAT does not show excess balance of input tax credit
\n No credit shall be carried forward under GST in respect of VAT
\nExcise duty, Additional Excise Duty, CVD and SAD in respect of stock held on 30th
\nJune 2017 –
\n Duty paying documents\/ invoices are available
\n Credit of Excise and other related duties allowed (subject to few conditions)
\n Date of issue of suc<\/p>\n
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